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thailand real estate
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Bangkok’s residential property market has re-awoken with a vengeance after years in the doldrums. Property prices in the capital surged by an average of 16% last year. This trend is set to continue with new building projects dotting the city and new life being breathed into the ‘ghost-scraper’ construction sites abandoned after the 1997 economic meltdown.
Major real estate developers have plans of investing over B100 billion (US$2.5 billion) in residential property in the central business district alone, within the next three years. The sustained recovery of the Thai economy has provided the required confidence to the real estate market.
Banks and finance houses are again active in lending money for property purchases. They are launching very aggressive promotional campaigns for this purpose. These include the advertising hoardings throughout the city shouting out the latest deals available. Led by the Government Savings Bank, financial institutions are pumping billions of Baht’s worth of cheap credit into the marketplace.
Housing loans from government sources amounted to 46% of the total in the first half of 2003. Thailand’s new found position as a net trading creditor, fuelled by rising exports to China and other East Asian countries, means the government has cash in hand to stimulate the previously sluggish housing and retail sectors.
The mix of new housing developments is changing. Real estate companies continue to focus on luxury developments of over B3 million (US$75,000) per unit to meet the demand of Thailand’s expanding middle class, but there is now greater emphasis on building houses and condominiums that meet the budget of the ordinary working family.
Thais are giving great importance to both the quality of building materials used and the type of property they want, with townhouses and detached homes on managed housing estates in the suburbs becoming increasingly popular. The reason is partly improved infrastructure, with the Skytrain and soon to be opened Mass Transit Subway system making the business districts more easily accessible from the outskirts of Bangkok. Northern districts such as Ram Intra, Rangsit, Nonthaburi, and Chang Wattana are the hotspots of housing estate development, while the downtown areas surrounding Silom, Sathorn, and Sukhumvit Roads remain the most active areas for new condominiums.
Regarding the purchase of property by the expats, Firstly, the rules governing foreign property ownership have not changed. The easiest way to own property in Thailand is still by purchasing a condominium. Foreign nationals wishing to buy a condominium have to fulfil one of the following three conditions: The foreign national must be a permanent resident, or Investment promotion privileges must be obtained from the Board of Investment, or The funds used to buy the condominium must originate from a third country. The last condition means that anyone with sufficient funds is able to purchase a condominium in Thailand.
Secondly, the real bargains to be had following the Asian financial meltdown of the late 1990s are becoming more difficult to find, as Thais are aggressively snapping up houses from desperate owners still in negative equity. The effect of inflation means that prices are starting to reflect their proper market value.
Thirdly, real estate prices are predicted to rise steadily over the medium to long-term, as long as the government takes care not to allow the kind of bubble economy that caused so much damage in the 1990s. This is a double-edged sword for the foreign property investor. On the one hand, people who enter the market early enough are likely to see a good return on their investment.
The increased competition and rising prices has slowed down the foreign property market considerably. Consequently the market is starting to respond in an attempt to maintain inward investment.
The Taksin government has a vision of making Thailand the hub of the Southeast Asian economy and Bangkok will be central to this hub. With steady growth predicted and a revived housing market, the prospects of investing in property can be bright in the City of Angels. If only something could be done about the traffic.
Hua Hin has become famous as the new paradise city of Thailand. With its spectacular white sandy beaches, world class international golf courses and easy going atmosphere, It is an ideal place for an extended vacation or retirement home.
Baan Manora Hua Hin, Property Projects 1 and 2 are very large 4 bedroom luxury executive villas. Each villa has large verandas and terraces. It is built in superb large gardens with an outstanding swimming pool to ensure that all your family maximize the quality of your home and enjoy the privacy and tranquility.
Khao Tao is becoming the most sought after residential and vacation locations in the Hua Hin area by discerning buyers of properties in Hua Hin Thailand. Its location is superb with outstanding beaches of white sand and crystal clear waters of the Gulf of Thailand.
Manora Village Resort Hua Hin will comprise 50 Bali-style villa properties. The new development will be offered with a range of luxury facilities including shop, restaurant, management office, communal garden luxurious common parts swimming pool and 24 hr security. Manora Village is a great place for both holiday retirement and investment.
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